U.S. stock futures are plunging on Wednesday morning, with Credit Suisse shares dropping more than 20%.
Credit Suisse lost almost a quarter of its value on Wednesday, dropping to a new record low after its largest investor said it could not provide the Swiss bank with more financial assistance. Broader equity markets fell sharply, reversing earlier gains, as Credit Suisse's drop by as much as 24% re-ignited some of the jitters among investors about the resilience of the global banking system after the collapse of Silicon Valley Bank.The Credit Suisse logo
The bank index is set to lose more than 120 billion euros in market value since the close of March 8.Spain and Italy's lender-heavy indexes fell almost 4% each.
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market strategy, outlook: Sell any stock bounces amid SVB falloutSell any rally in the stock market as fallout from Silicon Valley Bank's failure isn't over after government intervention, Morgan Stanley's chief stock strategist says
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »